More than 2,400 affordable housing units in works for Raleigh as rent prices keep rising

Elaina Athans Image
Wednesday, October 12, 2022
EMBED <>More Videos

Raleigh mom Nicole Vincent spent two years on a waiting list before getting one of Raleigh's Affordable Housing units.

RALEIGH, N.C. (WTVD) -- Raleigh mom Nicole Vincent spent two years on a waiting list before getting one of Raleigh's Affordable Housing units.

She and her son are settling into their space and enjoying everything that comes along with it.

"It has been extremely helpful," said Vincent. "(It's) definitely less pressure, more relaxed and comfortable."

City leaders said they are working to help more residents like Vincent.

Raleigh is teaming up with developers to bring more affordable housing to the table. There are five collaborative projects under construction right now and the largest one is Walnut Trace in southeast Raleigh.

Rental prices have been steadily rising across Raleigh.

The City's Affordable Housing Report shows that rents shot up by 21% during a seven-year period, which is higher than the national average.

Some parents are stepping in and helping their children.

"He wants to be independent, but it's hard for him to be independent when housing is so expensive," said parent Jennifer Paris. "I'm paying his housing and my housing, too."

Raleigh's analysis finds that nearly 29,000 low-income renters and 15,000 homeowners are experiencing what's being called "housing cost-burdened." That means they're paying out more than 30% of their income on a place to live.

More than 2,400 affordable rental units are in the pipeline for the next fiscal year and the City will be taking on new initiatives.

Funds are coming online from the 2020 Affordable Housing Bond and some money is going to be implemented.

"We're expanding our home Buyers Assistance Program. We're expanding some of the rehab work that we do. We're working on acquiring sites that are near transit routes for affordable housing developments, so really there's a lot of different angles that the city is taking," said Raleigh Housing Programs Administrator Erika Brandt.

Vincent questioned whether the city will ever be able to keep up with demand.

"The population is growing, so there never will be enough," she said.